The Federal Government of Nigeria, in pursuance of her financial inclusion objective, launched and released guidelines for the Micro Pension Scheme last year.
The Micro Pension Scheme (MPS) was to ensure the informal sector is covered under the Contributory Pension Scheme (CPS).
Under the MPS, self-employed and persons working in organizations with less than 3 employees can now participate in the CPS.
To start, get a Pensions Fund Administrator (PFA) and register by opening a Retirement Savings Account (RSA). You will need a valid regulatory ID (Driver’s licence, Voter’s Card, Int’l Passport or National ID card) and a proof of Address (Utility bill or a residential lease agreement).
After opening a RSA, you will need to join a Micro Pension Plan (MPP), you may need your BVN, letter of employment, Certificate of Incorporation/Certificate of Business Registration, evidence of membership of a registered association, union or cooperative society.
You also have to be 18years or older and resident in Nigeria.
The MPP is an arrangement where individuals save small amounts of money during their work life and the money is invested collectively to yield returns.
The periodic contributions is dependent on individual pension aspiration and financial capacity. The frequency of remittance is also as decided by the individual, it could be daily, weekly, monthly or as convenient to the individual, provided that contributions will be made in any given year.
The fund is divided into two parts, a 40% known as the Contingent Contribution and a 60% called the retirement benefit.
The Contingent Contribution can be accessed inclusive of accrued investment income, however this cannot happen until 3 months after initial contribution. The Contingent Contribution can only be accessed once a week.
The Retirement Benefit can be accessed after retirement at the age of 50 or on health grounds in accordance with the Regulations for the Administration of Retirement and Terminal Benefits.
The MPS will benefit people working in the informal sectors and entrepreneurs.
For more information, contact any of the PFAs.
Dear commissioner of @PoliceNG, Lagos state, it’s with so much pain I write this. A former school colleague was just senselessly murdered two days ago at Gbagada, a stab to the neck!
In September, before you took over the helm of affairs, Tomi Waziri was shot point-blank in the face on Eko Bridge, also by some senseless individuals now scattered around Lagos.
Nov. 1 this year, I was robbed at Jakande Lekki in the full glare of people, who could do nothing to help me for fear for their own safety, with a @PoliceNG van stationed just a few metres away. I was lucky I got away with beatings after losing just my phone.
In the three instances stated above, we all were about our businesses, coming back from earning a living or right within earning a living like in the case of Tomi Waziri.
Immediately my case happened, I walked up to the police van, disoriented and all I got in the exact words of the officer that attended to me was ‘Sorry o, this thing has now become rampant here, those boys don mad now o‘
I stood there transfixed till I finally found my feet and walked away to my car. I have since made an official complaints (@PoliceNG_CRU) at the Ilasan Police station with no single update yet.
Sir, we need urgent intervention in Lagos state, especially at this time, the spate of crime has increased astronomically even with all the great things @rrslagos767 is doing under the leadership of @TunjiDisu1.
The death of another young Nigerian, with dreams and potentials, is one too many!
Please help!!!
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